Cathay Financial’s net income reaches NT$1.69 billion

By Crystal Hsu / Staff reporter

Wed, Oct 10, 2012 - Page 14

Cathay Financial Holding Co (國泰金控), the nation’s largest financial services provider by assets, yesterday reported NT$1.69 billion (US$57.48 million) in net income for last month, up 24.26 percent from August, as financial assets recovered in value and foreign currency hedging risk costs eased, the company said in a statement.

Flagship subsidiary Cathay Life Insurance Co (國泰人壽) posted NT$650 million in net profit, compared with NT$280 million a month earlier, the statement showed.

Cathay United Bank (國泰世華銀行) made the greatest contribution with a net income of NT$1.16 billion, improving from NT$980 million in August, the statement said.

China Development Financial Holding Corp (中華開發金控) remains the worst performer among 15 domestic firms with EPS of NT$0.34 last month, according to its filing.

Meanwhile, Cathay Financial’s non-life insurance unit yesterday set up a branch in China’s Hubei Province, making it the first foreign non-life insurer in central China, the company said in a separate statement.